Louisville Downtown Partnership Unveils 2025 Economic Impact Report

Downtown Louisville is building on a year of significant momentum, marked by record levels of investment, increased interest from new businesses, and a growing pipeline of development projects contributing to its vibrant economic and cultural landscape, according to the latest economic impact report unveiled today at Louisville Downtown Partnership’s (LDP) annual State of the Downtown luncheon, presented by Republic Bank Foundation.

The event brought together more than 500 business leaders, community stakeholders, and elected officials to reflect on Downtown’s trajectory, celebrate key milestones from 2025, and recognize the critical role LDP and its partners have played in driving progress and investment in the urban core.

“A strong Downtown doesn’t just benefit those who live and work here, it strengthens the entire Louisville community,” said Rebecca Fleischaker, executive director of LDP. “$3.2 billion in investment across 75 development projects doesn’t happen by accident. It’s the product of intentional planning, strong public-private partnerships, and a shared confidence in Downtown’s future. As we look ahead, we remain focused on building on this momentum to create a more connected, livable, and inclusive Downtown for residents, businesses, and visitors alike.”

The luncheon featured urbanist and author Jeff Speck, who was hired by Louisville Metro Government in 2024 to develop the Downtown and NuLu Walkability Plan, examining how the area’s streets can be redesigned to create a more walkable and livable area through low-cost, quick-build interventions. During the event, Speck shared his perspective on reimagining Downtown with a focus on walkability, emphasizing the critical role pedestrian-friendly design plays in fostering a vibrant, successful city. Louisville Mayor Craig Greenberg also addressed attendees, offering an update on Downtown’s growth and investment outlook.

“Downtown is the heart and soul of our community, and I am proud the state of our Downtown is strong,” said Mayor Greenberg. “From the newly reimagined Belvedere and Humana Tower to new housing and businesses, our Downtown is ready to welcome residents and the world. And we’re making this progress while ensuring our most vulnerable residents have opportunities to set their lives on a new, stable path.”

2024 LOUISVILLE DOWNTOWN DEVELOPMENT STRATEGY, YEAR TWO UPDATE

LDP’s work is anchored by the 2024 Louisville Downtown Development Strategy, a 10-year vision for how the city, businesses, and residents can ensure that Downtown Louisville continues to thrive as the economic, cultural, and creative engine of the region. To bring this vision to life, LDP plays a key role as an advocate, funder, implementor, convener, and/or steward, to help drive forward projects that will shape the future of Downtown.

The strategy centers on three pillars: Activating Downtown by reinforcing key districts and expanding attractions; Reinforcing Downtown as a Residential Neighborhood by advocating for conversion incentives and new housing opportunities; and Enhancing the Public Realm through strategic placemaking, pedestrian-friendly design, and activation of underutilized spaces.

The projects outlined in the strategy represent a mix of public, private, and public-private-partnership developments. In the strategy’s second year, more than half of the 63 projects are already underway or in early planning stages. Highlights include:

• The iconic Humana Tower will soon be converted into a 1,000-room convention hotel enhancing Louisville’s ability to attract large conventions and national events
• JCTC’s Center for Science & Discovery, part of the $90 million Jefferson Rising project, is open featuring state-of-the-art science labs for students
• The Downtown Housing Assistance Fund, administered by LDP, closed on a loan for $1.5 million for Liminal, bringing 138 affordable apartments and commercial space to Portland
• Weyland Ventures is moving forward with the $28 million conversion of the Fiscal Court Building into 106 apartments
• Two new CitySpots opened in 2025, adding pops of color to underutilized spaces, with two more CitySpots in the works for 2026
• LDP launched a new public piano program, called Downtown Tunes, with four pianos in public spaces
• LOUMED Commons, Trager MicroForest, Waterfront Park PlayPort, and the New Walnut Street Park are all open, increasing greenspace in and around Downtown

“These projects are a testament to what Downtown Louisville can accomplish when government, community, and private investment align around a shared vision,” stated Lance Gilbert, Chairman of Downtown Development Corporation (DDC). “Between the Humana Tower conversion, the Jefferson Rising project, and new residential units and public parks, each initiative moves the needle for Downtown and for the people who live, work, and invest here.”

2025 ECONOMIC IMPACT REPORT

Each year, LDP updates the Economic Impact Report reporting several key areas including tax revenue, business and hospitality growth, employment density, and investment activity across the Downtown area. Key findings from 2025 include:

• $3.2 billion in investment across 75 projects either underway or announced, up from $2.3 billion in 2024
• Visits to distilling & tasting experiences grew to 667,282 up from 573,116 in 2024, contributing to the 6.5 million visits to Downtown attractions and over 35 million visits to the Downtown area
• Downtown hotel room sales remained steady with 1.5 million rooms sold in 2025 compared to 1.52 million nights in 2024 and 1.49 million in 2023
• Nearly 800 residential units were completed in the Greater Downtown area in 2025 with the openings of The Yard, The Prestonian, Beecher Terrace, and more, with 2,557 units currently announced or underway. Additionally, The Chancery opened, offering 38 units of permanent supportive housing for the community’s more at-risk residents
• Eight companies moved to Downtown in 2025 with eight additional companies choosing to expand their footprint or relocate within Downtown, contributing to 67,580 workers in the Downtown area
• Forty new street-level retail businesses opened in 2025, with a net increase of 20 storefronts, compared to 14 in 2024 and seven in 2023

The State of the Downtown luncheon presented by Republic Bank Foundation also was sponsored by Angel’s Envy, Baird, Block by Block, Fifth Third Bank, One Louisville, and Stock Yards Bank & Trust. Updates and the full project tracker on the Downtown Strategy can be found here and the economic impact report can be accessed here.